WASHINGTON – In response to an administrative disaster declaration issued March 13, 2025, the U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans for Illinois businesses, nonprofits and residents affected by the Tatra Multi-Family Apartment Complex fire occurring on Jan. 25.
The disaster declaration covers Cook County, which is eligible for both Physical damage loans and Economic Injury Disaster Loans (EIDLs) from the SBA. Small businesses and most private nonprofit (PNP) organizations in the following adjacent counties are eligible to apply only for SBA EIDLs: DuPage, Kane, Lake, McHenry and Will; as well as Lake in Indiana.
Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may also be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.
SBA’s EIDL program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs impacted by financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
EIDLs are for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.
Interest rates are as low as 4% for small businesses, 3.625% for PNPs, and 2.563% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
Beginning Wednesday, March 19, SBA customer service representatives will be on hand at the Disaster Loan Outreach Center (DLOC) in Cook County to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov. The DLOC hours of operation are listed below:
Disaster Loan Outreach Center (DLOC)
Cook County
Chicago Ridge Village Hall
10455 S Ridgeland Avenue
Chicago Ridge, Illinois 60415
Opening: Wednesday, March 19, 10:30 a.m. to 5:30 p.m.
Hours: Monday - Friday – 8:30 a.m. to 5:30 p.m.
Saturday – 9 a.m. to 12 p.m.
Closed: Sunday
“SBA’s Disaster Loan Outreach Centers (DLOCs) have consistently proven their value to business owners and homeowners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Homeowners and Business owners can visit the DLOC to meet face-to-face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”
Disaster survivors should not wait to settle with their insurance company before applying for a disaster loan. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.
To apply online, visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is May 12, 2025. The deadline to return economic injury applications is Dec. 15, 2025.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.